World’s First Bitcoin Bank Opens in Austria

A physical Bitcoin bank has opened in Vienna, Austria. Berliner blockchain start-up Bit Trust Services is behind the Bitcoin-Bank, according to a report in Austrian English-language news website “The Local”.

The newly opened facility in Mariahilfer Strasse aims at facilitating bitcoin trade. It offers a bidirectional euro-bitcoin exchange through ATM machines as well as information on the cryptocurrency.

Magdalena Isbrandt, managing director of Bit Trust, commented on the utility and speed of digital currency transactions which do not require intermediaries, “Value and money can be sent straight from user to user.” The company offers a wide range of bitcoin-related services among which assistance with digital currency ATMs and bitcoin voucher prepaid cards.

Experts have also praised the high level of anonimity associated with bitcoin. Unlike using a credit card, paying with cryptocurrency does not entail any personal data disclosure.

Vienna is striving to make its name as a bitcoin-friendly location, with currently more than 20 service providers such as restaurants and bars accepting digital currency.